COST OVERRUNS ON SBM OFFSHORE PROJECTS

SCHIEDAM, NETHERLANDS--(Marketwire - July 11, 2008) - Input costs on certain of
SBM Offshore's major projects have now exceeded the provisions and
contingencies previously budgeted due to growth and acceleration
of the work scope required to deliver the facilities.

These extra costs will weigh heavily on the mid-year turnkey
systems
results which are expected to be well below the comparative period
for 2007. The shortfall will be partially compensated by the lease
and operate activities, which have performed ahead of prior year
and
ahead of the 2008 budget. Mid-year results will be announced on 19
August 2008.

At this stage, given the input cost increases reported above, the
Company's 2008 full-year profit expectation falls by up to 20% of
the
original target of US$ 280 million. This reduction does not
however
take into account potential recoveries from claims and variation
orders on major projects which are currently under negotiation
with
clients. These discussions are not sufficiently advanced to
warrant
inclusion of additional revenues in the mid-year figures, but are
expected to be largely concluded during the second half of the
year.

A conference call hosted by T. Mace (CEO) and M. Miles (CFO) is
scheduled at 2 p.m. on 14 July 2008 to provide the opportunity to
ask
questions in relation to this release.

The dial-in details for the conference call are as follows: +31 20
531 5851